Business

So what do you do when a massive student loan bubble results in crippling leverage for an entire generation of your population rendering them financially unqualified to obtain mortgage financing and their 'God-given right' to a slice of the 'American Dream'?  Well, you simply change the rules to allow mortgage lenders to ignore all that pesky student debt...anything less would simply be evil and potentially racist, sexist and all sorts of other -ist words.

On Wednesday, the President will reveal a "broad-stroke" vision on his tax reform plan. Coutest of Citi and various media sources, here is a detailed cheatsheet of what is known, what remains unknown and what has been leaked.

All the latest: Tax reform, shutdown, protectionism & Fed buzz

The Chinese and U.S. stock markets are going in opposite directions, as an intensifying crackdown against leverage has slammed the recently 'stable' Shanghai Composite over the past week, erasing all post-Trump gains.

The relatsionship between the two markets is the weakest since August 2008 - just before the collapse of Lehman unleashed chaos on the global financial system.

Authored by Charles Hugh-Smith via OfTwoMinds blog,

If you need some evidence that the echo-bubble in housing is global, take a look at this chart of Sweden's housing bubble.

A funny thing often occurs after a mania-fueled asset bubble pops: an echo-bubble inflates a few years later, as monetary authorities and all the institutions that depend on rising asset valuations go all-in to reflate the crushed asset class.

One day after Trump slammed Canada with a lumber tariff, somehow managing to send lumber future prices limit down on the CME, he is faced with another, far more credible crisis: the terrible guidance just released by US Steel in particular, and the fate of the US Steel industry - and China's adverse impact - in general.

Here is the bloodbath just reported by US Steel: